ANNOUNCEMENT 12 Dec 2015In December 2015, the government of the Russian Federation announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
On 12 December 2015 the Russian Government approved Resolution No. 2544. It authorises the issuance of a state guarantee at the amount of 3.59billion RUB (51 million USD as per the official RUB/USD official rate of 15 December 2015). Its purpose is to cover company's liabilities as they relate to an investment loan taken from VTB Bank and to enhance the manufacturing of import substitution production of the local metallurgy.
The investment project's title is"Development of the specialised electro-metallurgy, production of high-alloyed steels and alloys for the purpose of development of manufacture of rolls of cold rolling, addressing the tasks related to import substitution, and expansion of the range of products and ring wires for high-tech industries"
JSC 'Ruspolymet' is a metallurgical complex with full production cycle from melting of a wide range of special steels and alloys to manufacture of ring blanks and disks of various geometries and a wide range of sizes.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.